Could This Christmas Be When YOU Get Repossessed?

The Risk of Repossession at Christmas

Christmas is the worst time for anyone facing repossession. Not only does Christmas mean extra expense for everyone, but maintaining your family’s spending to keep up appearances can lead to disaster in January.

House Repossession

Is Your Home in 'Upside Down Negative Equity'?

There are some key risks to the Christmas period if you’re worried about repossession and keeping up your mortgage payments:

  • Extra spending on presents for family and friends
  • Extra use of credit cards or payday loans
  • More eating out or parties to keep up appearances at work
  • Fewer working days for most freelancers
  • A mortgage payment date over the holiday that’s easy to miss

Avoid The January Bill Shock That Could Lose You Your Home

It’s a very common theme every year when I speak to people in January as the heavier bills start arriving the week after New Year.

If you’re facing repossession over the Christmas period, then make sure you stick to any payment plan you have with your lender or the Court – especially if you have a suspended possession order already.

Find Out How to Stop Repossession Here

Now There’s Even a House Prices Crash Calculator

After years of talking up the property boom and the ‘you can’t lose with property’ articles in the media, the newspapers are now full of doom and gloom about the future of UK house prices.

The reality may be that a housing market depression may be caused by nothing more than the fact that we all start to believe that house prices will fall, we don’t put our houses on the market and we don’t try to move home.

This means that house prices will fall and those affected most will not be those who can ride out the storm and stay put in their homes, but those who are facing repossession.

This Is Money the website arm of the London Evening Standard have even published a price crash calculator so that if you aren’t scared enough already, you can truly frighten yourself into worrying about what your house will be worth if prices fall the same way they did in 1992!

The threat of negative equity however is now a very real one and millions of people will find it impossible to refinance their mortgages and will be forced onto their lenders’ top standard variable rates.

Does Alistair Darling Want You To Be Repossessed?

Maybe the Government, along with the usual middle class do gooders at the Citizens Advice Bureau (CAB) and Shelter actually want you to be repossessed and lose your home?

Surely, that can’t be right?

Yet the Scottish newspaper the Sunday Herald Reports today the following:

“Prompted by concerns raised by Citizens Advice, Shelter and the Council of Mortgage Lenders, chancellor Alistair Darling announced last week that he has asked the Office of Fair Trading to investigate potential consumer detriment in the sale-and-leaseback market.

A spokeswoman for the Council of Mortgage Lenders said: “While we welcome the review, it is disappointing that no immediate action will be taken to regulate sale-and-leaseback schemes.

“Homeowners in difficulty may currently be considering selling their property through these schemes at a discounted value, without an independent valuation of their home, and with no real security of tenure.”

Whilst it is true that there are some rogue rent back traders out there (especially those offering to pay 100% of market value who in reality keep at least 40% back for many years), this Government is expert in knee jerk politics.

So many of the laws that have been passed since Labour came into power seem to be a reaction to scare stories in the tabloids.

The reality of the sell and rent back scenario is that it gives homeowners a last resort to keep their homes when all else has failed.

If the Government legislate against that last resort because a powerful lobby of middle class people feel that that they need to legislate against other people having the right to sell their homes for less than market value in order to stay in them, the outcome (like that of many of their policies) will be exactly the opposite.

CAB and Shelter may talk the talk but they won’t offer you a home when you are repossessed and evicted.

As for the CML (Council of Mortgage Lenders) – well who do you think supplies the financing and re-mortgaging for sell and rent back companies?

Is Alistair Darling (or any other of the wealthy Islington-ite Labour Government) going to provide you with a nice Council House or put you to the top of the housing list when you are repossessed?

I think we all know the answer to that one.

If you are thinking of selling and renting back make sure that you do the research and ask for references from other sellers when dealing with a rent back buyer.

Facing Repossession? Don’t Borrow More Money!!

There are many websites out there that promise to help you avoid repossession byborrowing more money!

If you truly are facing repossesion then borrowing your way out of trouble is the recipe for disaster.

This is because if you have mortgage arrears or a possession order against your home from your mortgage lender or a second charge loan company, no one is going to lend you money at a lower interest rate than you are currently paying. If they do, it will be for a limited time before massive interest rates kick in.

This means that you will almost certainly lose your home. If not today, then in the coming months as you struggle to make even higher payments.

Most of the loans available to people in your position are on  a variable interest rate. The Bank of England rate may go down, but these companies are not linked to the Bank of England interest rate, so you will probably find their rates going only one way – UP!

Any solution to stop repossession of your home MUST also help to get you out of debt, not further into debt.

For repossession solutions and help in reducing your liabilities with credit cards and other unsecured debts contact us via our website Stop Repossession Org UK

How to Stop Repossession With a Court Form N244

Did you know that you can request an emergency hearing at your local County Court at any time after you have been served with a Possession Order or Bailiffs Warrant ?

County Court Form N244
Using the court form N244 you can request a fast hearing to present new evidence to the judge to either delay or cancel the order to repossess your home.

To help you with this process we have prepared an example to show you how to fill in the form and how to present it to the court.

Follow this link for advice on how to use County Court Form n244



We’ve compiled Your Ultimate Guide To Stopping Your Repossession.

This 50 page eBook is FREE for a Limited Time Only

You can get your copy by clicking on the image below.

Stop-Repossessions-Help_Guide

You Can Stop Repossession Now

By any of the lenders listed below – Act now – Click Here

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Manchester is Britain’s Debt Capital

According to ITV’s documentary Repossession Repossession Repossession (to be shown tonight at 10.35pm on ITV1) the northern city is where the highest percentage of those with serious debts and facing repossession, can be found.ITV Programme Repossession Repossession Repossession

The programme will claim that 29% of households in Manchester are facing serious financial problems and possibly home repossession.

Fuelled by easy credit access in the last 10 years, many of those in trouble are under 30. They have grown into adulthood being able to constantly re-finance their credit card debts until at some point the only option may have appeared to be consolidating their loans and securing them against their homes.

Now the credit crunch has forced lenders to be ultra cautious as to who they lend to (or the less reputable to be able to charge ever more disproportionate interest rates) most of those with high Loan to Value mortgages (85% and above) also have secured debts that in some case can mean they are more than 110% mortgaged.

In this case even the sale of the property would not realise enough equity to repay all the loans.

Lenders are increasingly using the repossession process to recover their money, some of them on the basis that in the current financial climate the money is better off with them than being risked as a total loss if another of the homeowner’s creditor decided to repossess.

The programme can be seen 5th Feb 2008 at 10.35pm on ITV1

BBC Puts HSBC in Spotlight Over Aggressive Loan Tactics

From BBC News today

Banks ‘prey on customers in debt’

Some people are agreeing to make payments they cannot afford
Banks are being accused of pressurising customers who have financial problems to take out expensive loans to try to ease their debts, the BBC has learned.

Some banks are repeatedly telephoning customers to try to get them to take out costly loans, against the advice of debt charities.

Citizens Advice said it has received many complaints about the increasingly aggressive tactics being used.

Banks say interest rate charges are up to them.

HSBC bombard customers with loan offers

Continually telephoned

People find that even after they have been dealing with us they have found that they have been continued to be written to. They get aggressive letters and phone calls from their lenders
Peter Tutton, Citizens Advice

The BBC’s Breakfast programme has discovered some customers who have an agreed debt repayment plan with a debt advice charity are being put under pressure to take out loans, sometimes at a higher interest rate than they are already paying.

One HSBC customer, Simon Chandler, said that even though he had declined the bank’s offer of a “managed loan”, they had continually telephoned him to try and make him change his mind

The interest rate on the managed loan is 13% – double what he is paying at the moment.

He said: “I have had multiple letters from HSBC saying they want to help people in financial difficulty – when clearly they don’t.

For the rest of this story click here